10 May 2024
As the price action of Bitcoin continues to attract crypto investors’ interest, Michael Van De Poppe, a well-known market analyst and trader in a bearish scenario has made a worrying prediction, warning the community of a potential drop in price for the crypto asset to the $52,000 level.
Bitcoin Poised For A Possible Decline
Michael Van De Poppe’s prognosis explores the factors that are driving the gloomy view of Bitcoin‘s price trajectory, in the midst of market turbulence and uncertainty.
Van De Poppe affirms that the largest crypto asset by market cap is currently at the range low. For Bitcoin to maintain the range and the upward momentum to persist, this is technically the region it should probably hold.
Should the asset fail to sustain this position, Van De Poppe anticipates a potential movement on the downside in the future. Thus, he has placed his price targets at $55,000 or even further toward the $52,000 threshold.
The post read:
Bitcoin is at the range low. This is technically the area where you’d prefer to see it hold, so the upward momentum continues, and the range holds. If this doesn’t hold, then we might expect $52-55K as a potential low on this correction.
Van De Poppe previously pointed out that Bitcoin is gradually moving close to the lower bounds of the range, in order to test support around $62,250 level. Consequently, it appears likely that BTC will keep moving toward the upside, following the breakout of the support level.
However, since the recently concluded Bitcoin Halving event, boredom has set in, suggesting a possible price decline. Thus, should a correction on the downside eventually take place, $52,000 and $55,000 are the two levels Van De Poppe expects BTC to drop to. Despite the negative outlook for BTC, the crypto expert thus far has urged investors to acquire more of the coin.
Opposite Sentiment On BTC’s Investment
While Poppe solicits investors to invest more in BTC, crypto critic and gold advocate Peter Schiff, on the other hand, has urged investors not to do so. Instead, Schiff has highlighted a possible impending massive rally for assets like Gold, Silver, and mining stocks.
He claims that the charts and the fundamentals have never looked this promising. Due to this, Schiff implored investors to engage more with these assets, saying Bitcoin is dead money and holders should sell before it is buried. “Take advantage of what could be the biggest precious metals bull market in history,” Schiff added.
As of today, Bitcoin’s price has shown resilience, fueling optimism of an upward movement. BTC has recovered the $63,000 price level once again after falling to nearly $60,700 on Thursday.
The digital asset is trading at $63,077, indicating a 3% rise in the last 24 hours. Data from CoinMarketCap shows that both the market cap and trading volume have also increased by 3.10% and 5.52%, respectively, in the past day.